RIYADH: Aramco Trading Co. on Tuesday signed an agreement with Egypt’s Red Sea National Petrochemicals Co. for a long-term crude oil supply for its planned refinery complex with a provision for offtake of refined and petrochemical products.
Under the deal, Aramco Trading will supply 100,000 barrels per day of Arabian crude into its refining and petrochemical complex, which is expected to be built at the Suez Canal Economic Zone in Ain Sokhna.
The agreement will pave the way for Aramco Trading to buy products from the Egyptian company such as polymers, olefins, and liquid refined and petrochemical products.